The three-year, $12.6 million extension the Packers reached with Nelson in October 2011 may go down as the biggest bargain in the history of the organization.

For what’s now considered a mid-level deal at the position, Nelson has given the Packers a pair of 1,000-yard seasons. Last year, he set career-highs in both receptions (85) and receiving yards (1,314).

Nelson said he and his agent, Vann McElroy, haven’t given the Packers’ a shutdown date to get something done, but is under the impression talks could heat up with the NFL draft over and the roster largely settled.

“I haven't thought that far. I guess I'm more focused on hoping it gets done before that,” Nelson said. “Obviously you want to get it done as soon as possible, but there are a lot of other people involved in that. It's a process, we'll just have to wait and see how it goes.”

Coming off his third NFL season, the 23-year-old Cobb is also able to negotiate a new deal. The question for the Packers is if they’ll be able to get both inked to extensions this offseason.

“I’m not a businessman, so I don’t really know that side of that. That’s what I have an agent for,” Cobb said. “That’s for the Packers to decide and to figure out.”

Nelson said he still doesn’t have any regrets about the deal he signed in 2011, citing the fact he could’ve torn up his knee immediately and it suddenly would’ve been a “good deal” for him.

His resume – 302 catches, 4,590 yards and 36 touchdowns – could make it tempting to go to market next offseason, but there are cautionary tales of fellow receiver Greg Jennings and defensive lineman B.J. Raji, who said no to more lucrative extensions than what they ultimately received.

The Packers drafted three receivers this year, but would take a significant hit to their receiving corps next year if both Nelson and Cobb aren’t extended. Another veteran James Jones was allowed to walk this offseason before accepting a three-year deal with Oakland.

“If I were to walk and you’ve got Randall could possibly walk, now you’re down to all rookies besides (Jarrett Boykin),” Nelson said. “I think it’ll be different. I wouldn’t be surprised if stuff starts picking up soon now that the draft and everything’s done with. There’s a time frame they work off of, so I’ve been informed of that so we’ll just wait and see when it hits. Everyone knows, deals get done closer to training camp.”

Nelson says he’ll never be able to spend the last contract anyway, and he and his family have no desire to leave Green Bay.

Still, you have to imagine his production the past three seasons is going to make it difficult for the Packers to strike such a bargain again.

"You’ve got to live with your decision," Nelson said. "You’ve got to be happy, no matter how it turns out. Each person is different in this locker room and they know the choices they have and the decisions they made. Good or bad, they’ve got to deal with them.

"My wife and I, three years ago or whatever it was when we signed our extension, we were happy with what we got. We knew it’d be great for us. We wanted to be here. We’ll see how this one goes, as well. They know everything about me, they know we don’t want to leave, so I’m not worried about saying it. We just want to make sure you get it done."